ST中嘉(000889) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2024 was RMB 702.31 million, a decrease of 0.52% compared to the same period last year[11] - Net profit attributable to shareholders of the listed company was RMB -14.49 million, a slight improvement of 0.12% compared to the same period last year[11] - Net cash flow from operating activities was RMB -83.99 million, an improvement of 33.52% compared to the same period last year[11] - Total assets at the end of the reporting period were RMB 889.55 million, a decrease of 1.70% compared to the end of the previous year[11] - Shareholders' equity attributable to the listed company was RMB 121.25 million, a decrease of 10.68% compared to the end of the previous year[11] - Non-recurring profit and loss items totaled -1,515,763.96 yuan, with government subsidies contributing 80,169.03 yuan and other non-operating income and expenses amounting to -1,569,701.86 yuan[13] - The company's total revenue for the first half of 2024 was 702.31 million yuan, a slight decrease of 0.52% year-on-year[26] - The company's net loss attributable to shareholders was 14.49 million yuan, a reduction of 17,400 yuan compared to the same period last year[26] - The company's operating cash flow improved, with a net outflow of 83.99 million yuan, a 33.52% reduction compared to the same period last year[28] - The company's investment cash flow improved, with a net outflow of 4.09 million yuan, a 60.03% reduction compared to the same period last year[28] - Cash and cash equivalents decreased by 63.72% to RMB 49,896,418.53, accounting for 5.61% of total assets, compared to 15.20% at the end of the previous year[32] - Accounts receivable increased by 15.86% to RMB 521,458,948.27, accounting for 58.62% of total assets, up from 49.73% at the end of the previous year[32] - Contract liabilities increased by 30.94% to RMB 90,012,596.22, accounting for 10.12% of total assets, up from 7.60% at the end of the previous year[32] - Total assets decreased by 1.70% to RMB 889,549,778.82 compared to the end of the previous year[32] - Restricted assets totaled RMB 807,788,874.61, including RMB 3,615,874.61 in cash and RMB 804,173,000.00 in long-term equity investments of subsidiaries[35] - Beijing Chuangshi Mandao Technology Co., Ltd. achieved revenue of RMB 45.40 million, a year-on-year decrease of 48.58%, but net profit increased by RMB 1.40 million[38] - Guangdong Changshi Communication Technology Co., Ltd. achieved revenue of RMB 656.91 million, a year-on-year increase of 6.35%, but net profit decreased by RMB 3.84 million[39] - The company's net profit for the first half of 2024 was -17.94 million yuan, slightly improved from -18.59 million yuan in the same period of 2023[100] - Total comprehensive income for the first half of 2024 was -17.94 million yuan, slightly improved from -18.59 million yuan in the same period of 2023[100] - Cash and cash equivalents at the end of the first half of 2024 were 46.28 million yuan, a decrease from 78.52 million yuan at the end of the same period in 2023[103] - Management expenses for the first half of 2024 were 6.19 million yuan, a decrease from 7.31 million yuan in the same period of 2023[99] - Financial expenses for the first half of 2024 were 11.90 million yuan, an increase from 11.34 million yuan in the same period of 2023[99] - Credit impairment loss for the first half of 2024 was -4.74 thousand yuan, a significant decrease from 36.85 thousand yuan in the same period of 2023[100] - Operating cash flow from sales and services received was RMB 2,103,461.29 in H1 2024, a slight increase from RMB 2,069,476.08 in H1 2023[104] - Cash paid to employees decreased to RMB 3,197,245.46 in H1 2024 from RMB 3,553,742.96 in H1 2023[104] - Net cash flow from financing activities increased to RMB 9,346,847.14 in H1 2024 from RMB 7,673,423.57 in H1 2023[105] - Cash and cash equivalents at the end of the period were RMB 1,623,066.89 in H1 2024, compared to RMB 3,144,621.78 in H1 2023[105] - Total equity attributable to the parent company decreased by RMB 14,494,500.96 in H1 2024 due to a comprehensive loss[106] - Retained earnings decreased to RMB -2,409,146,058.55 in H1 2024 from RMB -2,394,651,557.59 at the beginning of the period[107] - The company's total owner's equity at the end of the period was 247,065,542.29 yuan, a decrease of 14,611,982.84 yuan compared to the beginning of the period[109] - The company's comprehensive income for the period was -14,511,944.16 yuan, contributing to the decrease in owner's equity[108] - The company's undistributed profit at the end of the period was -2,283,614,729.75 yuan, a decrease of 14,511,944.16 yuan compared to the beginning of the period[109] - The company's capital reserve remained unchanged at 1,489,663,826.02 yuan during the period[109] - The company's total owner's equity at the end of the period for the parent company was 150,008,285.40 yuan, a decrease of 17,939,005.89 yuan compared to the beginning of the period[112] - The parent company's comprehensive income for the period was -17,939,005.89 yuan, contributing to the decrease in owner's equity[111] - The parent company's undistributed profit at the end of the period was -2,370,158,482.48 yuan, a decrease of 17,939,005.89 yuan compared to the beginning of the period[112] - The parent company's capital reserve remained unchanged at 1,527,782,070.12 yuan during the period[112] - The company's total equity at the beginning of the period was 284,785,637.30 yuan, with a decrease of 18,585,224.00 yuan in comprehensive income, resulting in a total equity of 266,200,413.30 yuan at the end of the period[113][114] - The company's total issued shares as of June 30, 2024, were 936,291,116.00 shares, with a registered capital of 936,291,116.00 yuan[116] - The company's subsidiaries, Beijing Chuangshi Manda Technology Co., Ltd. and Guangdong Changshi Communication Technology Co., Ltd., are engaged in telecommunications value-added services and communication network maintenance, respectively[116] - The financial statements were approved by the board of directors on August 29, 2024, and include 11 subsidiaries within the consolidated scope[117] - The company's financial statements are prepared in accordance with the Chinese Accounting Standards and the disclosure requirements of the China Securities Regulatory Commission[118] - The company's financial statements are based on the assumption of continued operation, with no significant concerns about its ability to continue operations for the next 12 months[119] - The company's financial statements reflect the consolidated and parent company's financial position as of June 30, 2024, and the operating results and cash flows for the first half of 2024[120] - The company's accounting period follows the calendar year, from January 1 to December 31[121] - The company's operating cycle is 12 months[122] - The company uses RMB as its functional currency, with subsidiaries determining their functional currency based on their primary economic environment[123] - The importance threshold for significant individual bad debt provision is set at ≥ 10 million RMB[124] - The accounting treatment for business combinations under common control involves adjusting capital surplus and retained earnings based on the difference between the net asset book value and the merger consideration[125] - Non-common control business combinations recognize goodwill if the merger cost exceeds the fair value of identifiable net assets, otherwise, the difference is recorded as current period profit or loss[126] - The consolidation scope includes the company and all subsidiaries, determined based on control over the investee[127] - Internal transactions within the group are eliminated in the consolidated financial statements, and any impairment losses are fully recognized[128] - The treatment for disposing of subsidiaries involves re-measuring the remaining equity investment at fair value and recognizing any difference as investment income[129] - Joint arrangements are classified as either joint operations or joint ventures, with the company recognizing its share of assets, liabilities, revenues, and expenses[130] - Cash and cash equivalents include cash on hand and deposits that can be used for payment at any time, as well as short-term, highly liquid investments[131] - Foreign currency transactions are recorded using the exchange rate at the transaction date, with exchange differences recognized in current period profit or loss[132] - Foreign currency financial statements are translated using the exchange rate at the balance sheet date, with differences from disposal of foreign operations recognized in current period profit or loss[133] - Financial assets are classified into three categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss based on business models and contractual cash flow characteristics[134] - Financial liabilities are classified as either fair value through profit or loss or amortized cost at initial recognition[135] - Financial assets measured at amortized cost include receivables and debt investments, initially measured at fair value with transaction costs included in the initial recognition amount[135] - Financial assets measured at fair value through other comprehensive income (debt instruments) include receivables financing and other debt investments, with fair value changes recorded in other comprehensive income[135] - Financial assets measured at fair value through other comprehensive income (equity instruments) include other equity investments, with fair value changes recorded in other comprehensive income and dividends recognized in profit or loss[135] - Financial assets measured at fair value through profit or loss include trading financial assets and derivative financial assets, with fair value changes recorded in profit or loss[136] - Financial liabilities measured at fair value through profit or loss include trading financial liabilities and derivative financial liabilities, with fair value changes recorded in profit or loss[137] - Financial liabilities measured at amortized cost include short-term borrowings, payables, and long-term borrowings, initially measured at fair value with transaction costs included in the initial recognition amount[137] - Financial assets are derecognized when the contractual rights to cash flows expire, or when risks and rewards are transferred, or when control is not retained[137] - Financial liabilities are derecognized when the obligation is discharged, or when replaced with a new liability with substantially different terms[138] - The company uses the weighted average method to price inventory when it is issued[141] - Inventory is classified into raw materials, contract performance costs, and assets[141] - The company recognizes contract assets based on the relationship between fulfilling performance obligations and customer payments[142] - Contract assets are measured for expected credit losses using methods similar to financial asset impairment[142] - Non-current assets or disposal groups that are primarily held for sale are classified as held for sale if they meet specific criteria[143] - Long-term equity investments are initially measured at cost, with adjustments made for additional investments or changes in control[144] - The company uses the cost method to account for long-term equity investments in subsidiaries[145] - Financial liabilities are terminated and reclassified when there are substantial modifications to contract terms, with differences recognized in current profit or loss[139] - The company determines the fair value of financial instruments using observable market data or valuation techniques when no active market exists[139] - Expected credit losses for financial assets are estimated based on past events, current conditions, and future economic forecasts[139] - The company uses the equity method to account for long-term equity investments in associates and joint ventures, adjusting the carrying amount based on the share of net profits, other comprehensive income, and other changes in equity[146] - When disposing of long-term equity investments, the difference between the carrying amount and the actual proceeds is recognized in current profit or loss[146] - If control over a subsidiary is lost due to partial disposal of equity investments, the remaining equity is accounted for using the equity method, and previously recognized other comprehensive income is proportionally transferred[147] - Investment properties are measured using the cost model, with subsequent expenditures capitalized if they meet the criteria for recognition[149] - Fixed assets are depreciated using the straight-line method, with depreciation rates varying by asset category: buildings (3.17%-9.50%), machinery (19.00%), transportation equipment (19.00%-23.75%), and office/electronic equipment (19.00%-31.67%)[151] - Leased assets are classified as finance leases if the lease term covers most of the asset's useful life or if the lease agreement includes a bargain purchase option[152] - Disposal of fixed assets results in the recognition of gains or losses based on the difference between the disposal proceeds and the carrying amount[154] - Construction-in-progress is transferred to fixed assets and depreciated once it reaches the intended usable state[155] - Borrowing costs are capitalized if they are directly attributable to the acquisition, construction, or production of qualifying assets, and the capitalization period begins when specific conditions are met[156] - Borrowing costs are suspended from capitalization if the construction or production of qualifying assets is interrupted abnormally for more than three months[158] - The company capitalizes borrowing costs for specific loans used to construct or produce qualifying assets, deducting any interest income from unused loan funds[159] - Intangible assets are initially measured at cost, with subsequent amortization over their useful life if finite, or no amortization if the useful life is indeterminate[160] - Development phase expenditures are capitalized as intangible assets if they meet specific criteria, including technical feasibility and intent to complete[161] - Long-term assets are tested for impairment at each balance sheet date, with impairment losses recognized if the recoverable amount is below the carrying value[162] - Long-term prepaid expenses are amortized over their expected benefit period, with any unamortized balance written off if future benefits are no longer expected[163] - Contract liabilities represent obligations to transfer goods or services to customers for which consideration has been received or is receivable[164] - Short-term employee benefits are recognized as liabilities and expensed or capitalized during the period the employee provides service[166] - Lease liabilities are recognized when the company obtains the right to control the use of identified assets in exchange for consideration[167] - The company recognizes revenue when it fulfills its performance obligations in the contract, i.e., when the customer gains control over the relevant goods or services[173] - For contracts with multiple performance obligations, the company allocates the transaction price to each obligation based on the relative proportion of the standalone selling prices of the goods or services promised[173] - The transaction price is determined by considering factors such as variable consideration, significant financing components, non-cash consideration, and consideration payable to the customer[173] - Revenue is recognized over time if the customer simultaneously receives and consumes the benefits of the company's performance, controls the goods being created, or if the goods have no alternative use and the company has the right to payment for performance completed to date[173] - For performance obligations satisfied over time, the company recognizes revenue based on the progress of performance, using either the output or input method[173] - If the progress of performance cannot be reasonably determined, revenue is recognized based on the costs incurred, provided those costs are expected to be recoverable[173] - For performance obligations satisfied at a point in time, revenue is recognized when the customer obtains control of the goods or services, indicated by factors such as the company's present right to payment or the transfer of legal title[173] - The company capitalizes initial direct costs incurred in connection with operating leases and amortizes them over the lease term on the same basis as rental income[170] - Variable lease payments not included in the lease receivable are recognized in profit or loss when they occur[170] - Lease modifications that expand the scope of the lease are accounted for as a separate lease if the additional consideration is commensurate with the standalone price of the additional rights[169] - Mobile information transmission service revenue is recognized based on the volume of messages sent and contract prices, with adjustments made in the following month after reconciliation with customers[174] - Operator business commission income is recognized based on agreed proportions with mobile communication operators[174] - Seat leasing revenue is calculated based on the number of seats used and contract prices, with adjustments made in the following month after reconciliation[174] - Financial service outsourcing revenue is recognized based on agreed service fees, with adjustments made in the following month after reconciliation[174] - Communication network maintenance and optimization revenue is recognized in the month the service is provided, with adjustments based on customer settlement statements[174] - Communication network engineering revenue is recognized upon project acceptance and confirmation by the client, based on the acceptance amount[175] - Contract costs include contract performance costs and contract acquisition costs, recognized as assets if they meet specific criteria[176][177] - Government subsidies are classified as asset-related or income-related, with asset-related subsidies reducing asset book value or recognized as deferred income[178][179] - Deferred tax assets and liabilities are recognized based on temporary differences between the tax base and book value of assets and liabilities[181] - Deferred tax assets and liabilities are offset and presented net if specific conditions are met[182] - The company's cash and cash equivalents decreased from RMB 137.57 million to RMB 49.90 million, with restricted cash amounting to RMB 3.62 million[186] - Accounts receivable totaled RMB 719.87 million, with a bad debt provision of RMB 198.41 million, resulting in a net accounts receivable of RMB 521.46 million[187] - The company's subsidiaries, including Changshi Communication and Chuangshi Mandao, enjoy a reduced corporate income tax rate of 15% due to their high-tech enterprise status[185] - The company's subsidiaries, such as Hainan Bochuang Yuntian Technology, qualify as small and micro-profit enterprises, benefiting from a reduced corporate income tax rate of 20% on taxable income up to RMB 1 million[185] - The company's main tax rates include a VAT rate of 13%, 9%, 6%, and 3